Administration Appointment

    RNS Number : 4794L
  Land of Leather Holdings plc
  12 January 2009
   

    FOR IMMEDIATE RELEASE


    Land of Leather Holdings plc

    Administration Appointment

    12 January, 2009


    The Board of Land of leather Holdings plc announces that it has appointed administrators to the Company with immediate effect.

    The Company has been operating in challenging market conditions for some time as a result of the credit crunch and lack of consumer
spending on bigger ticket retail purchases. The Company has made every effort to reduce costs and conserve cash, but market conditions have
continued to be difficult and the results from the January sale have been very disappointing.

    The Company is debt free, and during the last year the Directors have vigorously explored every available option to obtain working
capital facilities for the business. However, the Company has been unable to secure additional funds due the exceptionally difficult trading
conditions and the lack of liquidity in the banking system. In addition, the Board has pursued other strategic options including the sale of
the Company as a going concern.

    As a result of the above, the Board has today appointed Lee Manning and Nick Edwards of Deloitte LLP as Joint Administrators of the
Company. The Board has taken all the necessary steps to ensure customers who have paid deposits for furniture are protected and would like
to thank shareholders, employees, suppliers and landlords who have been extremely supportive of the business.



    ENDS

This information is provided by RNS
The company news service from the London Stock Exchange
 
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